SimplyBiz Mortgages has today announced two semi-exclusive second charge products available through Precise Mortgages.
The one-year fixed rate and lifetime tracker products, with one-year early redemption fees, are not generally available through Precise Mortgages’ core range. These products come with features including a BBR + 4.40% lifetime tracker, resulting in a 5.3% one year fixed rate and 4.9% tracker rate. Both bring a 1.35% procuration fee and are available on loans of up to 75% LTV plus lender fees.
SimplyBiz Mortgages CEO, Martin Reynolds, commented:
“This is really good news for firms looking for shorter term loans to meet their client’s requirements. This offers a sensible solution for advisers who are looking for beneficial alternatives for capital raising where the traditional route may not be the most suitable. Deals such as these only enhance a firm’s ability to compete in a wider market, providing more options to their clients, and we are pleased to be able to offer this in partnership with Precise Mortgages.”
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Alan Cleary, Managing Director of Precise Mortgages added
“As a specialist lender, our aim is to provide customers with a variety of products that allows them more choice and flexibility when it comes to meeting their borrowing needs. Second charge loans play a significant role in providing customers with more choice and we are pleased to support SimplyBiz Mortgages and their members in offering their customers a wider range of alternative products.’